Does that mean he's bowing out of the GOP primary and leaving the nomination all to Mitt Romney? Not really.

"Our campaign will continue to work in the state convention process," Paul said in the statement. "We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future."

He goes on to ask his supporters in the remaining primary states to vote for him, even though he can't spend the "tens of millions" it would take to succesfully win their states.

"I hope all supporters of Liberty will remain deeply involved – become delegates, win office, and take leadership positions," Paul said. "I will be right there with you. In the coming days, my campaign leadership will lay out to you our delegate strategy and what you can do to help, so please stay tuned."